President Barack Obama's recent comments on the need for more bank regulation were intended to underscore the need to keep close watch over market risks rather than to signal a new policy initiative, a White House spokesman said on Thursday. "He wasn't referring to any specific regulation or law that he had in mind but rather the need to continue to vigilantly monitor financial markets to assess risks that may be emerging and to ensure that the necessary regulatory protections are in place, again, to ensure the stability of the financial markets," White House spokesman Josh Earnest told reporters at a briefing. Obama said on Wednesday in an interview with American Public Media's "Marketplace" that he is looking for ways to reform the bank profit and compensation structures to rein in incentives for traders to take big risks that could disrupt the economy. Reforms put in place after the financial crisis that triggered the painful 2007-2009 recession were a good start, but more is
↧